Small, quantum-confined semiconductor nanoparticles, known as quantum dots (QDs) are highly important material systems due to their unique optoelectronic properties and their pronounced structure-property relationships. QD applications are seen in the emerging fields of thin films and solar cells. In this review, different characterization techniques for particle size distributions (PSDs) will be summarized with special emphasis on strategies developed and suggested in the past to derive data on the dispersity of a sample from optical absorbance spectra. The latter use the assumption of superimposed individual optical contributions according to the relative abundance of different sizes of a colloidal dispersion. In the second part, the high potential of detailed PSD analysis to get deeper insights of typical QD processes such as classification by size selective precipitation (SSP) will be demonstrated. This is expected to lead to an improved understanding of colloidal surface properties which is of major importance for the development of assumption-free interaction models.